Caisse Regionale de Credit Agricole Mutuel Nord de France Cert.Coop.d'Inv. (CNDF.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-288.8%

-€42.84

vs €22.70 price

Levered DCF

€29.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.09

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.56×	3.5×	3.85×	5.64×	7.36×	12.19×	11.61×
P/B	0.19×	0.11×	0.1×	0.19×	0.23×	0.27×	0×
P/S	0.82×	0.92×	0.87×	1.51×	1.9×	2.29×	2.93×
EV / EBITDA	-6.17×	0×	0×	-11.9×	2.94×	4.34×	0×
Gross margin	46.2%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	14.5%	32.7%	96.2%	96.6%	96.8%	95.6%	95.3%
Net margin	12.5%	26.3%	22.7%	26.7%	25.8%	18.7%	25.2%
Current ratio	0.09×	0×	8.89×	7.59×	9.48×	12.23×	0×
Debt / equity	0.02×	0.03×	0.03×	0.04×	0.03×	0.03×	0×
Interest coverage	0.27×	0.26×	0.76×	2.48×	2.8×	2.21×	1.65×
Dividend yield	2.5%	6.2%	5.8%	4.6%	3.5%	3.2%	3.7%
Payout ratio	16.3%	21.6%	22.2%	25.8%	26.0%	39.2%	42.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.9%	3.0%	2.5%	3.3%	3.1%	2.2%	0.0%
Return on invested capital	2.5%	0.5%	7.5%	6.9%	8.9%	6.6%	75.6%
Return on assets	0.5%	0.5%	0.4%	0.4%	0.4%	0.3%	0.0%
Free cash flow yield	-12.9%	-122.6%	-137.9%	-36.5%	129.7%	74.8%	25.3%
Earnings yield	15.2%	28.5%	26.0%	17.8%	13.6%	8.2%	8.6%
Enterprise value	-€1.4B	-€2.4B	-€2.4B	-€3.2B	€741.4M	€744.9M	€1.1B
Net debt / EBITDA	-11.28×	0×	0×	-15.43×	-1.74×	-2.86×	0×
Cash conversion cycle (days)	-4,110	-3,498	-683,162	-678	130	355	0